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Southworth Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $222,600 of manufacturing overhead for an estimated allocation base of $159,000 direct material dollars.

The following transactions took place during the year (all purchases and services were acquired on account):
a. Raw materials purchased, $151,000.
b. Raw materials requisitioned for use in production (all direct materials), $142,000.
c. Utility bills incurred in the factory, $22,000.
d. Costs for salaries and wages were incurred as follows:



Direct labor $ 224,000
Indirect labor $ 61,800
Selling and administrative salaries $ 144,000
e. Maintenance costs incurred in the factory, $25,000.
f. Advertising costs incurred, $120,000.
g.

Depreciation recorded for the year, $48,000 (70% relates to factory assets, and the remainder relates to selling and administrative assets).
h.

Rental cost incurred on buildings, $87,000 (70% of the space is occupied by the factory, and 30% is occupied by sales and administration).
i. Miscellaneous selling and administrative costs incurred, $12,000.
j. Manufacturing overhead cost was applied to jobs, $ ?
k.

Cost of goods manufactured for the year, $558,000.
l.

Sales for the year (all on account) totaled $1,300,000. These goods cost $530,000 according to their job cost sheets.

The balances in the inventory accounts at the beginning of the year were as follows:



Raw materials $ 25,000
Work in process $ 21,000
Finished Goods $

34,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91857213

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